Structure
In working towards its core purposes, the Bank is organised into four main operational areas - Monetary Analysis and Statistics, Markets, Financial Stability and Banking Services, supported by a Central Services area. This structure was introduced in June 1998 to reflect the Bank's new responsibilities in the light of the 1998 Bank of England Act. The Centre for Central Banking Studies offers teaching and technical assistance to other Central Banks.
Key Resources
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Management Structure as at 1 December 2007 Download PDF (15k) |
Monetary Analysis and Statistics
Markets
Financial Stability
Banking Services
Central Services
Finance
Internal Audit
Centre for Central Banking Studies
Monetary Analysis and Statistics
Charlie Bean
Alex Bowen, Senior Policy Adviser
James Proudman, Monetary Assessment & Strategy
Mark Cornelius, International Economic Analysis
Andrew Hauser, Inflation Report & Bulletin
Martin Brooke, Conjunctural Assessment & Projections
Neal Hatch, Structural Economic Analysis
Jo Paisley, Monetary & Financial Statistics
Peter Westaway, Monetary Instruments & Markets
The Monetary Analysis (MA) divisions are responsible for providing the Bank with the economic analysis it needs to discharge its monetary policy responsibilities.
Its economists conduct research and analysis of current and prospective developments in the UK and international economies. The MA divisions produce the Quarterly Bulletin and the Inflation Report, which sets out the Monetary Policy Committee's assessment of the current monetary and economic situation in the UK and of the outlook for inflation and growth.
The work of the divisions, including reports from its twelve regional Agencies, provides the analytical information for the interest rate decisions taken each month by the Monetary Policy Committee to achieve the Government's inflation target. The Monetary and Financial Statistics Division compiles, publishes and briefs on financial statistics, in particular the monetary aggregates and banking statistics. Special studies directed at international harmonisation and improvements to the statistics are also a feature of the work.
Paul Tucker
Sarah Breeden, Risk Management
Roger Clews, Special Adviser
Paul Fisher, Foreign Exchange
Michael Cross , Sterling Markets
The main functions of the Markets Area include: conducting operations in the sterling money markets to implement the Monetary Policy Committee's interest rate decisions, while meeting the liquidity needs of the banking system as a whole; managing the Bank of England's balance sheet; managing the United Kingdom's foreign exchange reserves, as the agent of HM Treasury; delivering financial market analysis and intelligence in support of the Bank's monetary and financial stability missions; and contributing to the management of financial and business continuity crises.
In delivering its functions, the area draws on a wide range of financial market contacts in the United Kingdom and overseas, and also contributes to facilitating efficient core wholesale markets, including via practitioner committees.
The Risk Management Division is responsible for identifying, measuring and, with the front office divisions, managing the risks from financial operations. Market Intelligence is co-ordinated by a Head and a dedicated team. Area-wide management is supported by a Chief Operating Officer and Unit.
Nigel Jenkinson
Ian Bond, Financial Resilience
Peter Brierley, Special Adviser
Andy Haldane, Systemic Risk Assessment
Phil Evans, International Finance
The Financial Stability area has the main responsibility for discharging the Bank's remit to contribute to the maintenance of the stability of the financial system as a whole. It works closely with HM Treasury and the FSA under the terms of the Memorandum of Understanding which was revised in March 2006.
Internally, a high level Financial Stability Board guides the work of the area, identifying and prioritising potential risk to UK financial stability, and judging which warrant follow-up action. The Board is chaired by the Deputy Governor for Financial Stability, Sir John Gieve.
The area seeks to detect risks to the structure and functioning of the UK financial system and to develop measures to strengthen the financial infrastructure at home and abroad to reduce those risks. In addition it undertakes work to ensure that the Bank is ready to respond should a financial crisis occur. The area also contributes to the monetary policy process, and promotes public understanding of issues relating to financial stability through, for instance, the regular Financial Stability Report.
Andrew Bailey
Lee Dobney, Notes
David Ingram, Special Adviser
Jo Place, Customer Banking
Alastair Wilson, Market Services
Customer Banking Division provides banking services to the Government and other customers, principally central banks and other financial institutions. Notes Division manages the note issue, including the relationship with De La Rue, the supplier of notes to the Bank.
Market Services Division operates the Real Time Gross Settlement (RTGS) system through which payments relating to the major UK payments and securities settlement systems are settled and, from this operational role, contributes analysis to the Bank's continuing work in developing safe and efficient payment and settlement systems. It also provides the back-office functions to support the Bank's sterling and foreign currency transactions.
John Footman
Louise Redmond, HR Director
Stephen Collins, Business Continuity
Kevin Evans, HR Services
John Heath, Legal
Peter Higgs, Property Services & Security
Chris Piper, Information Systems & Technology
Andrew Wardlow, Secretary of the Bank
The Central Services divisions encompass a range of support functions that underpin the Bank's activities and help to ensure that the Bank's reputation is maintained. These include IT, property, personnel, the Governors' private offices, press and public relations, and legal services.
Warwick Jones, Finance Director
David Collins, Finance
Michael Craig, Investment Unit
Finance is responsible for budgeting financial accounting and monitoring the performance of the bank in its attainment of its strategic priorities. In addition it provides project support, risk oversight and is responsible for the support of the Pension Fund trustees.
Stephen Brown
The Internal Audit Division provides an independent, objective assurance and consulting function to senior management under arrangements authorised by the Audit Committee on behalf of the Court of Directors. The Division examines, evaluates and reports on the adequacy of systems of internal controls and the effectiveness of risk management and governance processes.
Centre for Central Banking Studies
Mario Blejer
The Centre for Central Banking Studies offers technical assistance, courses, workshops, seminars and comparative research on and for central banks throughout the world. Its primary aims are to foster monetary and financial stability worldwide, to promote the Bank's core purposes, and to provide opportunities for Bank of England staff to obtain broader perspectives on their own areas of expertise. Its goal is to be recognised internationally as a leading centre of intellectual excellence for the study of practical central banking.
